ABAX Announces Strong Financial Results For 2016
By Kyle Lindsay
Tuesday, May 23, 2017 - 12:30
ABAX has announced an increase in company revenue above 30 per cent for the third year in a row.
Vehicle technology ABAX published its annual report today and it revealed a 31.5 per cent increase in company revenue in 2016 to NOK 472 million (£43m).
New business acquisitions and entering new markets have contributed to the financial figures for ABAX.
The report showed the company, which operates in seven European countries and China, had an EBITDA increase of 34.5 per cent to NOK 68.2 million (£6.3m).
In the UK, where ABAX has operated since 2011, the company more than doubled its sales results for the fifth consecutive year.
Petter Quinsgaard, ABAX Chief Executive, said: “2016 was another great year for us proven with growth rates above 30 percent for the third consecutive year. A substantial factor for this is the ambitious growth strategy we have in combination with our skilled and enthusiastic workforce.”
ABAX develops products to support businesses and individuals who use a vehicle at work. These products include Triplog mileage capture technology and fleet management software.
ABAX opened up a new market in China in December 2016 and also consolidated its Sweden market with the acquisitions of Ctrack Sverige AB and Accessor AB.
Bjørn Erik Helgeland, ABAX Chief Operating Officer, said: “It is always great to see fantastic results published, but most important is that we dare to keep pushing and keeping a high pace within the company. This ethos is also why we chose to substantially invest in creating new technology in 2016.”
ABAX employs 50 people in the UK from its head office in Peterborough.
Chris Miller, ABAX UK Chief Executive, said: “ABAX has always operated with a shrewd business sense when it comes to growth and expansion, and this related activity for 2016 is reflected in another set of strong results. The UK team continues to excel and I am delighted to report that we doubled our sales results for the fifth year in a row.”